Markup loan legal perspective, Need your view
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 Jul 21 2020, 10:47 AM
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#1
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Junior Member
347 posts Joined: Jun 2006 
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QUOTE(Noblish @ Jul 21 2020, 07:21 AM) Hi all short answer. It is illegali know markup loan has become very common nowadays but is it actually legal?  |
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Jul 21 2020, 09:42 PM
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#2
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Junior Member
347 posts Joined: Jun 2006
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QUOTE(mini orchard @ Jul 21 2020, 11:43 AM) I wont say is totally illegal per say. As long there is 2 price exist in a sales and purchase agreement, it is illegal. or maybe with your expertise you can share with us how you beat the system.There is no fixed price for a property but there are range of prices for similar properties. As long the SnP price is within the range, is acceptable to valuer. The higher end property will have wider range and vice versa. One cannot find similar or closer value for a detached property compared to terrace. |
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Jul 22 2020, 09:40 PM
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#3
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Junior Member
347 posts Joined: Jun 2006
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QUOTE(mini orchard @ Jul 21 2020, 10:08 PM) In a SnP, there is ONLY ONE price. I know there is only 1 price is SPA. But there is definitely a supplementary agreement to state the vendor selling price (Actual selling price). therefore it is illegal to do so.Somehow, someday there will be a noob who will buy at inflated price and I dont think is illegal. The bank / valuer may think he bought at mark up price and adjust the loan accordingly. As mentioned earlier, there is a range of prices of similar properties. When the property was purchased at the highest range, we cant say is mark up unless is way beyond acceptable level. If the buyer can beat the system, then he gained with a slightly higher loan. A 30k mark up for a 80% loan is 24k.and is acceptable for a 500k property. What happened behnd the SnP is between seller buyer. |
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Jul 25 2020, 05:00 PM
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#4
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Junior Member
347 posts Joined: Jun 2006
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all i can say is everyone is giving their point of view and writing all the advises here carry no weight ... until someone get complain and start investigation from the Official party ...
that time la... ppl start to pusing the story .. it is pretty common here in k/ |
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Jul 26 2020, 04:50 PM
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#5
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Junior Member
347 posts Joined: Jun 2006
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QUOTE(mini orchard @ Jul 25 2020, 05:39 PM) Marked up wasnt started yesterday. So with this statement of yours, "They can ONLY implement rules to curb but CANNOT stop.". You have agreed that it is illegal to do so. I hope one day you get the right idea why is it illegal.Compressed loan wasnt started yesterday Is all in the open. Press reported. Official mof statements made. BNM is NOT sleeping, not sure about you. They can ONLY implement rules to curb but CANNOT stop. How many kg of info you need ? Just google and tons are available. I do not have any intention to explain further too... i do not earn any leads or businesses here ... |
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